Hi,
We are importing some Integrated Circuits (ICs) for our product production. We understood that these ICs are Duty Free under section XVI Chapter 85, heading 8542. What do we mention in our purchase order and the Vendor has to mention in the Invoice to claim the imported material as Duty Free? Kindly clarify in detail.
Thanks in advance,
Murali
The product under chapter 8542 attract duty of 12%.only applicable exemption is 12/2012-C.E dated 17.3.2012 for which you have to follow procedure mentioned in theCentral Excise( Removal of goods at concessional Rate of duty for manufacture of Excisable Goods) Rules 2001.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CCI
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